Finance Minister Pranab Mukherjee has said that the high interest rates, coupled with adverse global situation, are impacting investment and economic growth. He said, in a globalised world, where major developed economies are going through a turbulent time, growth cannot be taken for granted.
Mr Mukherjee, however, said that the slowdown should be a temporary phenomenon and the country will be able to sail through tough times and get back on the high growth path. He was addressing the the annual general meeting of Assocham in New Delhi yesterday.
The 2011-12 economic growth is estimated to slip to a three-year low of 6.9 per cent from 8.4 per cent a year ago. India was growing at over 9 per cent before the global financial crisis of 2008 pulled down its growth rate to 6.7 per cent in 2008-09.
On opening up the retail sector, the Finance Minister said, the government has liberalised FDI in single brand retail and a consensus for operationalise the decision on opening FDI in multi-brand retail is being pursued. – Courtesy National Portal of India